Although COVID-19 has essentially hijacked the year, there’s still enough time left in 2020 to carry out your plan of buying a vacation home. In fact, perhaps the only silver lining of the ongoing pandemic is how it’s dampened the housing market. As a buyer, you can get a vacation property at discount prices.
Know Where to Look
The housing market in certain cities are a lot more impacted than others. If you’re out looking for the best deals, the top three cities to focus your search in are Big Sky, MT, Cape Hatteras, NC, and Poconos, PA. The average property in Big Sky sells for about $542,000 while the city’s median annual income is around $80,000.
Use it as a Bargaining Chip
COVID-19 is bringing a lot of economic pressure, especially amongst the working class. Use it to negotiate for lower prices on your vacation home. Aside from the property, you can also try to negotiate on your broker’s fees and other expenses related to property acquisition.
Do Most Of It Online or Via Phone
Zoom with your real estate broker or, if you’re buying direct, with the current owners of the property. Complete tasks remotely if possible. Nowadays, you can sign for and submit legal documents online in a secure manner. You can also research the market in great depth without having to actually go to open houses or visit real estate agencies in person. Request for a self-guided tour of the property rather than having a broker with you. This minimizes your time outdoors and any consequent contact with people.
Practice CDC-Recommended Safety Measures
If you do need to meet with people in person during your property search, such as when you want to oversee the home inspection to make sure everything is done accurately and thoroughly, follow the safety measures encouraged by the CDC. This includes wearing a mask, staying six feet away from other people, washing your hands often, using a hand sanitizer with a minimum alcohol content of 60 percent, and avoiding touching your face.
Buying a vacation home during the ongoing pandemic remains similar in practice. Since many of the stages of home acquisition can be done remotely, including via phone, email, or video chat, prospective home buyers can find their dream vacation property without endangering themselves and their families.